SEATTLE, Feb. 29, 2012 /PRNewswire/ -- Riding the wave of its success in the U.S., the Tommy Bahama Group has announced an important step forward in their strategy to drive long-term growth through international expansion. Tommy Bahama will begin by opening company owned and operated retail stores in premium locations in Asia, including a combined restaurant and retail location in the Ginza district of Tokyo and stores in Macau and Singapore.
"Tommy Bahama has enjoyed significant growth in our direct to consumer business. Through our website and U.S. based stores, we've seen a pent up demand and opportunity for our brand internationally and feel that now is the time to pursue that expansion. Our parent company, Oxford Industries, has fully supported our investment and strategy to extend our brand internationally," said Terry Pillow, CEO of the Tommy Bahama Group.
"We have been laying the groundwork for our international rollout and are confident in the team we have built," commented Doug Wood, President and COO of the Tommy Bahama Group. "Our domestic investments, which include our flagship store and restaurant in Manhattan as well as a high-profile store on Michigan Avenue in Chicago, plus the addition of international capital expenditures, store opening costs and related infrastructure expenses, will understandably put some downward pressure on our 2012 operating margins. We are confident in this strategic initiative and expect it to drive significant long-term growth for our brand."
In March 2012, Tommy Bahama will open a retail store in Macau at the Venetian Resort and Casino. This will be followed in Summer 2012 by a retail store on the high-profile Orchard Road in Singapore. Each store will feature a full Tommy Bahama collection® of men's and women's apparel, accessories and home decor product. Tommy Bahama is actively pursuing other locations in key markets including Hong Kong and Shanghai.The centerpiece of the initial launch will be a Tommy Bahama Restaurant, Bar and Store in the fashionable Ginza district in Tokyo. Made popular in the U.S. and synonymous with the Tommy Bahama brand, this combined restaurant and retail environment creates the ideal showcase for the complete product line, along with a full service restaurant and bar that exemplifies Tommy Bahama's relaxed lifestyle message and allows the brand to fully express itself. The Ginza location is expected to open in early 2013. ABOUT TOMMY BAHAMA
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV